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Happy Monday Folks! Bitcoin is trading down at $27,398.46. More to come as the day unfolds but for now, let's get on with the news...
SUMMARY
Over the weekend a few analyst mentioned how Bitcoin remained above $27,000 support and is a critical hedge against inflation. Today, Crypto Traders suffer over $100M in liquidation losses as market rout deepens amid Middle East turmoil. However, Cryptocurrency investment products saw inflows for the second consecutive week, totaling $78 million, according to CoinShares. OpenAI CEO Sam Altman says that the government’s actions against digital assets are upsetting – but adds there is a clear role for regulations within the industry.
Bitcoin bull market forecast is short-term dips before positive growth as Bitcoin commenced the week with substantial volatility, plunging below the $27,700 mark. However, On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin.
Capriole Fund founder Charles Edwards said that 44% of all of Bitcoin’s returns have occurred in the 12 months after each halving. “In other words, all of Bitcoin’s cycle returns can be expected to occur soon.” CZ says, "Bitcoin price hits multiple ATHs," "people have short memory." Bloomberg crypto analyst Jamie Coutts says that Bitcoin (BTC) is flashing an unexpected bullish signal as US long bonds continue their collapse.
When it comes to Bitcoin Mining, reinforcing the grid so excess electricity is available during winter months is a matter of national security, mining can help. Speaking of mining, Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain has paused employee salary payments for September and beyond.
Ethereum Inflation? ETH supply has grown by $47 Million in 30 days. The Ethereum Foundation just sold $2.76 Million in ETH. It’s magnitudes smaller than previous transfers, but historically when the Ethereum Foundation moves ETH it’s been bearish. Michael Saylor would be up $2.5 billion if he chose Ethereum over Bitcoin.
A hacker hit web3 platform Galxe (GAL) with a domain attack on Friday morning and appears to have made off with around $200,000.
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Podcast of the Day: FEATURING AI Unchained #008 - Ecash and Ai with Obi Nwosu | Bitcoin Audible
